Six months is not enough. Not even close. Most everything in our lives is cyclical. So there are always bad times ahead. Very few people in the world today have true security. One major medical, a lawsuit, disability...you better have more than six months. Every few years it seems we have a big downturn somewhere and people start trouping thru my office with tales of despair. Back in 2008 people were losing their jobs and their businesses at a rate I never thought I would see. Homes were being lost. I carried a lot of old friends on my books for years. Mostly because they did not follow advice. That advice was to only buy what you had cash for. Borrow money to buy your home, never borrow against your home for anything else. 15 year mortgage as soon as you can swing it, it is not that much more per month than a 30 and the term savings are crazy high. If you are self employed, have more than one source of income. If you work a job, have a back door in case you lose it. And don't delude yourself that the money in the bank belongs to you if you are carrying around a big credit card debt. The answer to your question if you are sitting across the desk from me? There is no such thing as too much money in the bank or brokerage account AND too little debt.
Dave H (MI CPA)...first free advice of the season! :)
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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